In a statement, Main Market-listed PRG said under the agreement, it would source for infrastructure, construction, project financing and property development projects.

JPC, meanwhile, will invest, finance and be responsible to perform, build, complete and comply with the terms and conditions of the projects/contract works procured by PRG.

In the statement. PRG group managing director Datuk Lua Choon Hann said JPC had an exemplary track record in the construction industry.

He pointed out that PRG stood to leverage on its know how and resources to extract maximum value from the derivable synergy flow.

“The agreement is also in line with PRG Group’s business model to form joint ventures (JVs) with strategic partners that are experienced in property development and construction projects, fitting into the group’s strategies and business capabilities.

“This corporate exercise will also provide a good opportunity to diversify the revenue stream of the group.” PRG, which is involved in the property development, construction and manufacturing businesses, said JPC was one of the pioneers in the construction industry in China and was directly under the construction bureau of the Jiangsu province.

“Currently, JPC is a member of the Greenland Group, which was ranked 268th in the Fortune Global 500 list back in 2014 and was the 40th mainland Chinese enterprise on the list.

“To date, JPC has 4,500 employees and works on businesses in more than 30 countries around the world, with an annual output value of nearly 30 billion yuan (RM19bil) and total assets of 15 billion yuan (RM10bil).”

To date, PRG said JPC had completed more than 10,000 construction projects, with an estimated 100 million sq m of construction and 10 million sq m of real estate development.

On June 13, PRG entered into a memorandum of understanding with SPNB Aspirasi Sdn Bhd and Mimbar Nusantara Holdings Sdn Bhd to explore potential collaboration and JV opportunities in housing development projects by SPNB Aspirasi.

Based on the initial assessment, the potential gross development value of these projects is worth RM5bil.